☕️ Defender to suitor

Good morning.

We all know a banker’s loyalty is as fleeting as an insurance quote, but this Goldman Sachs flip is worth a double-take.

Bloomberg is reporting that just months after defending Direct Line Insurance Group against Belgian rival Ageas, Goldman is now backing Aviva’s £3.3 billion ($6.44 billion) bid for the UK insurer.

The deal is a bit tangled. Both companies share former execs, and even PR advisors had to pick sides, with both reportedly previously retaining Brunswick. Unsurprisingly, the flacks chose defence.

Direct Line has already called the offer “highly opportunistic,” but its shares are up 41% and we are loving the insider knowledge drama.

“Having played a key role in a contentious defense process last time, GS should know exactly where the killing zone is (or at least was) in March for shareholders,” merger arbitrage specialist MKP Advisors wrote in a note, noting Goldman is likely using a “clean team” on the deal to help with the optics.

🏆 LOI Subscriber #TBD

Market movers

Pro Medicus locked in a $330m 10-year deal with Trinity Health in the US, pushing shares 9% higher on Thursday — or up 186% in a year.

The rollout will cover Trinity’s 93 hospitals, cementing its Visage as the go-to imaging platform.

The quick sync

• Labor to unveil reforms targeting anti-competition behaviour by Big Tech, including an ex-ante regime and media levy, next week. (Capital Brief)

• RBA governor Michele Bullock suggests Donald Trump’s tariffs could boost Australia’s economy, but doubts their reality. (Capital Brief)

• CBA says its big generative AI bet is already fast-tracking core system upgrades, enhancing customer engagement and cutting fraud by 30% via proactive alerts. (Capital Brief)

• NRN secures $4.3m in oversubscribed round, backing its solar and battery rollout to 2,000 homes monthly. (Capital Brief)

• UK dealmakers ride US$160b M&A wave, doubling Germany’s total as discounted valuations and fresh bids from Aviva, Macquarie and Apollo drive year-end surge. (Bloomberg)

Trading floor

M&A

• Maas Group is buying three construction material companies for $252m to expand its business. (Capital Brief)

• AVJennings is being acquired by Proprium Capital Partners in a deal valued at $374m. (AFR)

• Macquarie Asset Management is considering a bid for I-MED, a large radiology company. (The Australian)

• Dexus is selling two office properties for a total of $443.2m. (Capital Brief)

• AltX's owners are seeking to sell the company for up to $300m. (AFR)

• Genesis Capital, having acquired Pacific Smiles, may now turn its attention to another dental chain, Ekera Dental. (The Australian)

• The ACCC has approved Aurizon's acquisition of Flinders Logistics after the companies addressed competition concerns. (Capital Brief)

• Billionaire Dennis Bastas is selling a stake in his pharmaceutical and beauty company, DBG Group. (AFR)

• Healthscope is selling and leasing back its hospital equipment to raise funds amidst financial difficulties. (The Australian)

• AVJennings is considering a takeover bid from Proprium Capital Partners and AVID. (Capital Brief)

• IAG is purchasing 90% of RACQ's insurance business for $855m. (Capital Brief)

• Macquarie revives its pursuit of Renewi with a £701 m cash bid at a 57% premium, securing key shareholder backing. (Bloomberg)

Capital Markets

• Maas Group is raising $125m to fund acquisitions and grow its business. (AFR)

• National Renewable Network (NRN) raised $4.3m to expand its renewable energy marketplace. (Capital Brief)

• Jarden's share price rises to $9.50 in the latest quarterly auction. (AFR)

• Peabody Energy has secured funding for its acquisition of Anglo American's coal mines. (The Australian)

VC

• Alium Capital Management is deploying capital from its Innovation fund to invest in technology companies. (AFR)

• Celosia Therapeutics raised $16.75m to develop a gene therapy for ALS. (Capital Brief)

People moves

• Brookfield has appointed Sumit Mukhija as the new CEO of its 100MW data center operator. (AFR)

• Donald Trump has dinner with Facebook’s Mark Zuckerberg at Mar-a-Lago. (Bloomberg)

The watercooler